In accordance with the relevant Presidential Decree, the Government of Uzbekistan has announced the establishment of the U.S.-Uzbek Business and Investment Council (the “Council”). The decision follows agreements reached during the President of Uzbekistan’s visit to the United States within the framework of the “C5+1” Summit. The Council will be co-chaired by the Head of the Administration of the President of the Republic of Uzbekistan from the Uzbek side and a representative of the President of the United States from the American side.

 

Mandate and Authority

 

The Head of the Administration of the President of Uzbekistan has been granted the authority to approve the composition of the Council, as well as its regulations and procedures on behalf of Uzbekistan.

The Council will focus on a number of strategic priorities, including:

Coordination of strategic business initiatives, major investment and trade projects, and continuous monitoring of their implementation.

Creation of a special investment fund aimed at mobilizing additional investments into Uzbekistan, with anchor participation from the U.S. International Development Finance Corporation (DFC) and the Uzbek side, as well as the involvement of major international financial institutions such as the EBRD, IFC, and ADB to finance critical infrastructure and strategic projects and share risks.

Continuation of negotiations on mutual tariff reductions.

Systemic promotion of products and services of resident companies of the IT Park of Software Products and Information Technologies.

Development of proposals for diversifying the national investment portfolio, including portions of the foreign exchange reserves of the Central Bank of Uzbekistan and other assets.

 

Strengthening Diplomatic Capacity in the United States

 

To enhance the effectiveness of foreign policy coordination and state initiatives, an additional position of Counselor-Envoy, serving as a representative of the Administration of the President of Uzbekistan in the United States, will be introduced within the structure of the Embassy of Uzbekistan in Washington, D.C. beginning from the start of 2026.

The Counselor-Envoy:

Is appointed and dismissed by the Head of the Administration of the President of Uzbekistan.

Reports directly to the Head of the Administration.

Is responsible for supporting the Head of Uzbekistan’s diplomatic mission in the United States, particularly in matters of advancing bilateral relations.

Will directly initiate and discuss issues related to the implementation of major strategic investment and trade projects in both countries.

Will ensure comprehensive coordination of the Council’s work from the Uzbek side.

In addition, measures are planned to further strengthen the diplomatic presence of Uzbekistan in the United States:

The Ministry of Foreign Affairs, together with the Ministry of Investments, Industry and Trade, will propose an expansion of the Embassy’s staff.

Work will be undertaken to open additional consulates in U.S. cities with major economic hubs or large Uzbek diasporas, including Philadelphia, Chicago, Orlando, and Seattle.

One of the primary tasks of the newly established consulates will be the development and implementation of an effective interaction model with Uzbek diaspora communities across all U.S. states.

 

Facilitating Investment Activities of Uzbek Residents in the United States

 

Beginning in 2026, operations of Uzbek residents related to investment activities in the United States such as the transfer of funds from accounts in Uzbekistan for the formation of charter capital of foreign enterprises, equity participation, or funding the working capital of their U.S. branches will be carried out without restrictions, within the limits of their account balances.

The Central Bank of Uzbekistan will introduce the necessary legislative amendments arising from this requirement.

Additionally, the Ministry of Economy and Finance, together with the Central Bank, will submit proposals to the Council on improving the structure of the country’s investment assets and foreign exchange reserves, aiming to allocate resources to high-yield and highly liquid assets, including those located in the United States.

 

Organizational Development of the Council

 

To ensure long-term, efficient functioning of the newly established Council:

The Ministry of Investments, Industry and Trade and the Ministry of Foreign Affairs will work with the U.S. side on the formation of a permanent staff for the Council’s executive body, with a permanent office located in the United States, including U.S. specialists.

A draft of the Council’s regulations and operational procedures from the Uzbek side will be submitted for approval.

The composition of the Council from the Uzbek side expected to include prominent figures from the U.S. business and investment community will be finalized.

Negotiations will begin with the U.S. side on a bilateral Agreement on the Promotion and Protection of Investments.

 

Legislative Adjustments

 

The Ministry of Foreign Affairs, together with relevant ministries and agencies, will submit proposals for necessary amendments and additions to national legislation arising from the provisions of the Presidential Decree.